Sven-Goran Eriksson says his phone has been hot with calls from agents since his appointment as director of football at Notts County. Photograph: Paul Ellis/AFP/Getty Images

Sven-Goran Eriksson had just taken his seat in Notts County's 1862 suite when his mobile phone interrupted proceedings as a thousand flashbulbs popped around him. It was tempting to wonder whether the voice at the other end was telling him that it was not too late to bail out but Eriksson was not about to disappoint the 70 or so supporters outside, who had turned up to catch a first glimpse of the former England manager at Meadow Lane. In return he was greeted to a number of songs, including one that celebrated his sexual prowess.

It was that sort of day at Notts County as Eriksson announced his remarkable return to English football and moved quickly to dispel the idea that, despite a reputation for picking up salaries that read like telephone numbers, he had not taken the role of director of football because of the offer of another big pay-day. "If it was for the money, I could have gone elsewhere, easily, for far, far more," said the Swede. "But I'm not here for the money. I'm here for the challenge."

It promises to be an intriguing one. Eriksson, who has also accepted a shareholding in the club and signed a five-year contract, was honest enough to admit that he had no knowledge of any League Two players, including those whose development he will now oversee. Instead he has a contacts book that would be the envy of most people in football, although how useful Europe's top agents and managers will prove to be to a club who finished 19th in League Two last season is a moot point.

At least Eriksson seems to realise what he has let himself in for. "It's the biggest challenge of my life to take Notts County back to the Premier League," said the Swede, who reported that his phone has been "hot" with calls from agents offering players ever since news broke of his appointment.

"It's may be the most difficult job I've had so far. [But] I'm looking forward to it and I'm happy to be here. The challenge was irresistible. [The club's] been in the doldrums for far too long. We are starting from the bottom and will try to take it the whole way."

Those are the ambitions of Notts County's new owners, Munto Finance, the Middle East consortium that took control a little more than a week ago. Eriksson has met with a couple of the private investors involved and there is little doubt that, despite his claims, he is being well paid for taking a role that has left the football world in a state of shock. The official line is that his salary will be strongly linked to performance but rumours of a £2m-a-year package persist.

Speculation has already started as to how long the 61-year-old will hang around, with his name almost certain to feature prominently as soon as the first Premier League manager loses his job next season. Eriksson claims he is in for the long-term and although it is understood that there is no clause in his contract in the event that another opportunity should arise, those close to him expect him to remain at Meadow Lane for at least 12 months.

There is still something surreal about the whole episode and even Eriksson admitted he had not been too enthralled by the proposal initially. "When I was first approached via my agent and it was Notts County, I thought: 'I'm not sure about that'," said the Swede, who pointed out that, unlike the infamous tabloid sting that ultimately cost him the England job, there was no sheikh of any description present for the talks this time. "But, after listening to people and seeing the project they have, I was interested."

Eriksson said that he will be moving to the area and be based at the club on a full-time basis, taking in every match if possible. His tasks will include everything from organising new training facilities to signing players and establishing links overseas; Ian McParland will continue in the role as first-team manager and Tord Grip is also on the staff. "I'm here to deal with football matters and build up the club," said Eriksson, who intriguingly said that he hopes his time as a manager has not yet come to an end.

For the moment, however, he has his mind focused on getting to grips with his new position and the prospect of trips to Macclesfield, Chesterfield and Barnet before the end of next month. Off the field, he knows that the weather will be awful and the media unforgiving – "I hope there's not too many paparazzi around, but probably there will be," he sighed – yet for all his frustrations with life in England there is a sense that Eriksson is pleased to have returned.

"It's great to come back to England," he added. "It's great to be here again. The weather is the same. The press is the same, but then I didn't expect anything else. I always said that I wanted to come back to the Premier League because it is the best league in the world. I've chosen a difficult way to do it. It will take a few years. But, speaking to Pete [Trembling, the chairman and chief executive], to the investors, we will do it."